The men's alternative to Rent the Runway is plotting a $30 million expansion to make weddings and job interviews way easier

• Men’s formal wear startup The Black Tux has raised $US30 million in a latest round of funding.
• The company will use the funding to open another warehouse to serve customers.
• It’s found a niche with guys who like variety for formal events, and don’t want to be bothered owning their own formal clothing.

Formal wear rental startup The Black Tux has raised $US30 million in a new round of funding.

The company, started in 2012 by Andrew Blackmon and Patrick Coyne, has grown to 150 employees and is based in Los Angeles. Blackmon was displeased with the rental options available when he got married and decided to invent something new.

The Black Tux takes a different approach to the rental garment, creating one made from higher-quality fabrics that are sourced from Italian mills, and that is designed to be worn fewer times than a traditional rental. Suit rentals start at $US95, and customers get two-weeks with the garment before the event they plan to wear it to. The company also offers home try-on.

The latest Series C raise brings the total amount of money raised by the company to $US60 million. The round was led by TZP Group, with previous investors Stripes Group, Menlo Ventures, and Raine Ventures also participating. Read more

Dennis Green - Business Insider Australia - 9 Mar 2018